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9/22/2011 12:34PM

Europe Jobs Undercut by Austerity

The European Union's jobs commissioner offered a glum outlook this week on restoring employment, amid severe austerity measures across the 27-member bloc that will undercut growth. Riva Froymovich reports on the Markets Hub.

This transcript has been automatically generated and may not be 100% accurate.

go ... he asked me the engine block and ... you ... can use the potty when he told the panel people walking the beaches in Brussels ... on what you think you we've obviously wanted it to the euro zone ... manufacturing Pineda the news that your inching piece though about how austerity is affecting the jobs market over there ... which I think we should all be unethical the final warning sign that ... have high profit ... I'm going to talk about that that that that ... that and how it will go far enough for what the ... market want but if we ... break it down to compare the U S euro ... it looked like the Fed had another family of present ... Obama accounted for and what can your I've had but did not ... have the kind of the four hitter in the spotlight and that is being ... I would have conferred the latter and think the day that the French think ... another credit that ... no one is going to come from ... I don't know any Thumbplay leader NOI Bank ... Mr. yesterday ... thinking that it's taking the ... ferry master shopping after posed well for job growth ... which is why they keep pushing black ... though the outlook there is not great and ... market the suffering of the new PMI report out today ... the first time in two years to ... come for him like Hunchback and ... I've Barclays analysts are now think that can be with that in the manufacturing sector during the year that found though ... that was ... not pre ... key ... ally in the anime is all over twenty talking about ... we're only in recessions do is listen to streamline your store I went on to ... win ... Mr. Handler he said there is clearly a correlation between top austerity programs in the rise of unemployment ... you know I need to get to that that that that people are spending and companies are expanding ... there is no spending whatsoever for some kind of spending that spurred growth and companies are doing and people are doing it meant governments are doing it ... all ... you know there's no slice the legs let you know I mean look and James doesn't make that much money into our play everywhere ... the man ... I feel like I think the idea that we would talk about ... the Autem on they therefore here we are actually the outright like that I think you're right it will fall ... and it is a pretty clear connection that if you're going to keep cutting back to ... if you're going to pull people back to the right ... and that I would be good for top that the Obama plan whenever whatever it into being ... one of its in house tree I hit the picket that high ... the whole point is that ... that that that that was pink top ... here what we get a lot of movement between workers between euro zone countries ... I really leading green going to Germany ... in our outlook in ... actual fact they're not actually and for the ... perfect pairing for the last eight ... how long can we will continue to see that that trying to ... get everything we had Michael Casey on a piece in the last seven based on baking ECB to intervene to do something with interest rates is ... there any signs in Europe the ECB is actually willing to act at this point ... well ... the growth outlook rethink topping it though ... read the ... order was due to a paste ... the link ... between ... the kickin it with a broken record but the probe and that that that hearing ... thinking like that any group or that we're actually at African countries to cover the euro fund buying in the period over the past week and I'm ... I ... European leaders would get the chop programs that Obama and down and out like that ... and if the leeway for something like that here is that you are focused on implementing austerity measures thinking this is what the current market we think it was ... not the ... least and ... they're also talk show problem here that led me to think how to combat Flat the believer market is ... really hard to hire workers they hire workers and ... and and helping bring you up upon hearing the euro writedown ... he was pretty clear that ... they can implement the theme of the BlackBerry filling the complex will contain few ... hours ... in Richmond ... just don think slot ... what you can lead to immediate ... check the markets here see where we are right now ... is ... meeting last fall Rapino when the market sold off the chart ... for me Realty a little better than will the anti Obama three hundred ... you know what I we talk the markets go ... all in less than that I wouldn't be surprised if the Dow plunged ... on ... positive how can a foreclosed and CenterPoint them and it's just it's that ... the debt around right now I have one mm certain mild move from a central banker and that would ... be a sheet of the market